It's been announced that Nokia is investing in mobile payments service provider Obopay.

The amount Nokia is ploughing into the company is pegged at around $70 million for a "minority stake" in the Silicon Valley-based company.

Obopay currently operates in the US and India and lets users fund their mobile account with cash or by linking up their credit card or current account.

Users can then send money to any text-message enabled mobile phone and the receiver can either add it to their own Obopay account or credit it to their bank account.

"This investment is a landmark in the evolution of mobile payments. It underscores the global potential of mobile money by providing convenient access to money anytime, anywhere. Given Nokia's position as the leader in mobile communications, we could not have asked for a better investor", said Obopay CEO Carol Realini.